Bitcoin (BTC) price reached a new high in 2023 of $25,000. The milestone comes after a surge in the price of Bitcoin for much of January.
The last time the price of Bitcoin was around $25,000 was in mid-June 2022, when it dropped to between $19,000 and $21,000, where it stayed for several months. according to CoinGecko data.
However, the BTC price had a big drop in November following the FTX crisis, which saw it drop to a 2022 low of $15,742 on November 10, 2022.
The price started rising in early January, when the BTC price rose for 14 consecutive days between January 4 and January 17.
That daily streak of green candlesticks was the second longest in the cryptocurrency’s 14-year history, falling a day short of its record of 15 days in November 2013.
Related: Bitcoin Price Correction Was Overdue: Analysts Outline Why End Of 2023 Will Be Bullish
While BTC is off to an impressive start to 2023, it is still 63% below its all-time high (ATH) of $69,044, which was reached on November 10, 2021.
However, some economists like Lyn Alden believe that the current rise in BTC prices may be relatively short-lived. The Bitcoin bull believes that the actions of the US Federal Reserve will likely impose “considerable danger ahead” for BTC in the second half of 2023.
Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more bullish on the short term.
Speaking at a Bank of America conference on Feb. 15, Novogratz said there is a chance BTC could hit $30,000 by the end of March.
